The European Union has introduced new rules to fight financial criminals and terrorist financing by giving national law authorities access to bank accounts.
The rules will grant law enforcement and the EU law enforcement agency, Europol, quick access to bank account information contained at national banks in cases of crime or terrorism.
Member states have 24 hours to adopt the rules into national legislation, which was agreed by the European Parliament and Council yesterday.
“If you want to catch criminals and terrorists, you need to be able to follow their money,” said commissioner for migration, home affairs and citizenship Dimitris Avramopoulos.
The rules “will ensure swift access to financial information and smoother cooperation across Europe, so that no criminal or suspect can slip under the radar any longer or get away with dirty money”, he added.
Law enforcement’s access to information is currently “too slow” and “cumbersome” to prevent criminals, who are able to transfer money between financial institutions, in different countries, in “a matter of minutes”, the commission said.
Read the original article here: publicfinanceinternational.org
Get headlines, breaking news, and jobs announcements delivered to your inbox. Sign up for our daily newsletter.